Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) loans are popular homebuyer choices, but are also available if you're refinancing your mortgage. These loans must meet certain requirements.

A co-applicant can help you qualify even though they do not live in the home.

Considerations

Be certain to ask your home mortgage consultant to help you compare the overall costs of all products, including the monthly and long-term costs and conditions of the required mortgage insurance.

You can typically only have one FHA mortgage at any given time.

In many instances, you may find FHA to be a more expensive financing option and should be considered after thoroughly evaluating all other product options that meet your credit qualifying and financial needs.